Core Viewpoint - The article discusses allegations against Tiger Brokers regarding the use of forged documents to illegally acquire new clients from mainland China, amidst a backdrop of regulatory scrutiny on cross-border brokerage services [1][3]. Group 1: Allegations and Responses - Media reports claim that Tiger Brokers is engaging in fraudulent practices to onboard new clients from mainland China [1]. - Tiger International has denied these allegations, asserting that it has always adhered to legal and regulatory standards since its inception [2][3]. - The company has stated that it has ceased offering new account services to clients in mainland China and is only providing support to existing compliant clients [3]. Group 2: Regulatory Context - In January 2023, the China Securities Regulatory Commission (CSRC) issued new regulations to enhance oversight of illegal cross-border brokerage activities, leading to stricter requirements for proof of existing stock holdings [3]. - Various brokerage firms have implemented different levels of proof requirements, with some clients reportedly submitting falsified documents to meet these criteria [3][5]. Group 3: Issues with Proof of Holdings - The article highlights the challenges in verifying the authenticity of proof of holdings, as many documents are submitted as screenshots, making them difficult to authenticate [5][6]. - The main cross-border brokers, including Tiger Brokers and Futu, have the strictest requirements for proof of holdings, with deadlines set for compliance [5][6]. Group 4: Market Dynamics and Fraudulent Practices - The article notes that the recent profitability of the Hong Kong stock market has renewed interest in cross-border trading, leading to a rise in fraudulent activities related to account openings [7]. - There are reports of individuals profiting from assisting clients in falsifying documents for account openings, as well as selling forged proof of holdings [7]. - The article mentions that while there has been a decrease in blatant promotion of fraudulent practices online, some investors still share experiences of being denied account openings, indicating some level of enforcement [7].

Core Viewpoint - Tiger Brokers, a cross-border internet brokerage, is reportedly violating regulations by illegally acquiring new clients in mainland China through forged documents and other means [2][6] Group 1: Regulatory Issues - In 2022, the China Securities Regulatory Commission (CSRC) identified Tiger Brokers as operating illegally in the securities business [6] - The CSRC has mandated that cross-border internet brokerages like Tiger Brokers and Futu cease operations targeting mainland investors, labeling their activities as "illegal" [6] - Despite restrictions on acquiring new mainland clients, Tiger Brokers continues to recruit extensively across multiple cities in China [2][6] Group 2: Business Operations and Performance - Tiger Brokers was founded in 2014 and went public on NASDAQ in 2019, initially benefiting from favorable policies for cross-border investments [5][6] - The company reported significant growth in its financial performance, with a 71.8% year-on-year increase in commission revenue to $159 million for the full year of 2024 [6] - In the first quarter of 2025, the number of new Hong Kong stock accounts opened by Tiger Brokers increased by 27% quarter-on-quarter, with trading volume rising by 78% [6] Group 3: Market Trends and Investor Behavior - The Hong Kong IPO market is experiencing a resurgence, with a 30% year-on-year increase in new listings and a total fundraising of approximately HKD 77.7 billion, a sevenfold increase [7] - Mainland investors face stringent requirements to access Hong Kong stocks through "Stock Connect," leading some to seek alternative methods via internet brokerages like Tiger Brokers [8] - Tiger Brokers plans to double its workforce in Hong Kong over the next two to three years to capture a larger share of the growing offshore wealth market [8]

Core Viewpoint - Tiger Brokers is accused of illegally developing new clients in mainland China and opening new accounts through fraudulent means, which the company denies, asserting its commitment to compliance and legal operations [1][2]. Group 1: Company Operations and Compliance - Tiger Brokers claims to have fully implemented the 2022 rectification requirements from the China Securities Regulatory Commission (CSRC) and has ceased providing account opening services to new users in mainland China [2][3]. - The company emphasizes that its operations are strictly within the regulatory framework of the regions where it holds licenses, including Hong Kong, Singapore, the United States, Australia, and New Zealand [1][2]. - The company has stated that it will continue to provide necessary support and technical services to existing compliant clients in mainland China [2]. Group 2: Financial Performance - In 2024, Tiger Brokers reported a 43.7% year-on-year increase in total revenue, reaching $392 million, and a 65% increase in net profit attributable to shareholders, amounting to $70.5 million [2]. - The trading volume and commissions for 2024 saw significant increases of 196% and 66% respectively [2]. Group 3: Regulatory Background - The CSRC has previously expressed its regulatory stance against cross-border securities business conducted by foreign institutions, including Tiger Brokers, indicating that such activities do not comply with Chinese laws [3]. - In late 2022, the CSRC mandated that Tiger Brokers and similar firms cease illegal business activities and manage existing clients in a compliant manner [3].

老虎国际否认"违规发展内地新客户"：所有业务均严格在持牌地监管框架内规范开展 金十数据6月4日讯，6月4日，针对有媒体报道"违规发展内地新客户"，老虎国际方面回应记者称："不 实报道已侵害了老虎国际的品牌声誉与合法权益。对此我们郑重声明：老虎国际自创立以来，始终坚持 最高标准的合法合规经营，严格遵守各展业地区的法律法规及监管要求。目前，公司已在包括中国香 港、新加坡、美国、澳大利亚、新西兰等在内的主要市场获得当地监管机构颁发的相关金融牌照，所有 业务均严格在持牌地监管框架内规范开展。" （澎湃） ...

Group 1: Hong Kong IPO Market - The Hong Kong IPO market remains active, with 29 new stocks listed as of May 30 this year, driven by the profitability of stocks like Laopuk Gold and Pop Mart [1] - The ongoing profitability of these stocks has led to a surge in new account openings in the Hong Kong stock market [1] Group 2: Tiger Securities - Tiger Securities, identified by the China Securities Regulatory Commission (CSRC) as illegally operating securities business in 2022, continues to recruit staff in multiple cities including Beijing, Shanghai, and Guangzhou for various roles [3] - The company, established in 2014, primarily serves individual and institutional investors in the US and Hong Kong markets, and expanded into IPO underwriting in 2017 [3] - The CSRC has taken a firm stance against cross-border securities operations by such foreign institutions, categorizing Tiger Securities' activities as illegal and mandating corrective actions [4]

Group 1 - The core issue involves Tiger Brokers allegedly violating regulations by falsifying documents to onboard new clients from mainland China despite being previously identified as operating illegally by the China Securities Regulatory Commission (CSRC) [1][2] - Tiger Brokers is reportedly recruiting extensively across multiple cities in China for various roles, including front-office positions in securities brokerage, investment banking, and asset management, as well as back-office roles in human resources, finance, administration, technology, customer service, and operations [1] - In response to the allegations, Tiger International has issued a statement claiming that the information is severely misleading and constitutes malicious defamation, asserting that the company will take necessary legal actions to protect its rights [1] Group 2 - Tiger International was established in 2014 and is headquartered in Singapore, holding 77 licenses and qualifications across major financial markets globally [2] - The CSRC announced in December 2022 that Tiger Brokers and Futu Holdings were conducting cross-border securities business targeting domestic investors without approval, which constitutes illegal operations under relevant laws [2] - In May 2023, Tiger International announced adjustments to its client update process in response to CSRC's requirements, including the removal of its app from domestic app stores [2]

今日，有媒体报道称，跨境互联网券商老虎正在通过伪造材料等手段，违规发展内地新客户。面对证券 时报记者的求证，老虎国际在相关声明中指出，"相关信息严重失实，纯属恶意诋毁，已严重侵害老虎 国际的品牌声誉与合法权益。对此，公司保留采取一切必要法律措施的权利，坚决捍卫自身正当权 益"。老虎国际创始人巫天华向记者表示，公司有严格的合规培训，文中描述的开户过程不可能是老虎 国际营销人员的个人行为。更何况，普通员工是没有权限知道投资者的开户证明文件是否通过的。(人 民财讯) ...

Group 1: New Energy Vehicle Promotion - The Ministry of Industry and Information Technology, along with other government bodies, launched the 2025 New Energy Vehicle (NEV) promotion campaign, featuring 124 models aimed at rural areas [2] - The campaign emphasizes "green, low-carbon, intelligent, and safe" transportation, targeting counties with high market potential for NEVs [2] - The initiative includes a combination of online and offline activities, with a focus on enhancing charging infrastructure and promoting a comprehensive service network for vehicle purchase and maintenance [2] Group 2: Model Participation and Market Expansion - This year's campaign includes 25 more models compared to 2024, notably adding Tesla's Model Y and Model 3, expanding the range of participating vehicles [3] - BYD has 11 models in the campaign, while other brands like Deep Blue, Aion, NIO, and Leap Motor have 5, 5, 4, and 2 models respectively [3] Group 3: Financial and Investment Developments - China Pacific Insurance announced a 500 billion yuan fund focused on mergers and acquisitions, with a target of 300 billion yuan for the new fund aimed at supporting Shanghai's industrial development [5] - NIO reported a revenue of 12.03 billion yuan in Q1, a year-on-year increase of over 21%, with a projected revenue of 19.51 to 20.07 billion yuan for Q2 [7] - Silyus reported May NEV sales of 39,982 units, a year-on-year increase of 17.15%, but a cumulative decline of 19.64% for the year [8] Group 4: Market Trends and Consumer Behavior - JD's 7Fresh plans to open 18 new stores in the Beijing-Tianjin region, indicating a rapid expansion in the instant retail sector [9] - The domestic tourism during the Dragon Boat Festival saw 119 million trips, a year-on-year increase of 5.7%, with total spending reaching 42.73 billion yuan [22]

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, particularly in the areas of virtual assets and Web3.0 development, suggesting a strong investment opportunity in these sectors [2][9]. Core Insights - The report emphasizes the importance of monitoring global tariff negotiations, particularly the recent developments in U.S.-China trade relations and their potential impact on market dynamics [9]. - There is a notable increase in the quality and risk appetite of Hong Kong assets, with a focus on asset trading platforms as valuable investment opportunities [9]. - The report highlights the active performance of virtual asset-related stocks in Hong Kong, driven by stablecoin policies, and anticipates further regulatory developments in this area [2][9]. Summary by Sections 1. Industry Situation Tracking 1.1 Education - The K12 education sector shows strong growth, with leading institutions reporting over 20% revenue growth for winter training sessions [4]. - Recent product launches in AI education indicate ongoing innovation in the sector [4][17]. 1.2 Luxury Goods - The luxury goods sector is experiencing disruptions due to U.S.-EU tariff policies, with cautious price increases observed among brands [4][19]. - LVMH expresses confidence in the Chinese market despite recent consumption declines, indicating a long-term positive outlook [21]. 1.3 Coffee and Beverage Chains - Coffee and tea remain key categories for delivery platforms, with recent subsidies from platforms like JD.com [4]. - Coffee futures have seen a significant decline, which may alleviate cost pressures for companies like Luckin Coffee [4][27]. 1.4 E-commerce - Major players like Alibaba and JD.com continue to compete aggressively in the delivery and retail sectors, impacting short-term profitability [4]. - The report notes strong performance in the "618" shopping festival, with significant growth in various product categories [32]. 2. Platform & Technology 2.1 Streaming Platforms - The streaming sector shows resilience, with Tencent Music and other platforms benefiting from scale effects [4][33]. - Recent transactions, such as HYBE's sale of SM Entertainment shares to Tencent Music, highlight strategic movements within the industry [34]. 2.2 Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization is reported at $337.44 billion, reflecting a 4% decline [38]. - The introduction of the Stablecoin Regulation in Hong Kong marks a significant step in regulating digital asset activities [41].

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates, particularly concentrating on investment opportunities in the Hong Kong market [1]